The value of the acquisition is for an enterprise value of US$114 million.
“Since opening the first wellhead manufacturing facility in Dubai’s Jebel Ali Free Zone a short while ago, we have continued to expand our global reach by supporting our customers, no matter where the job takes them,” said Paul Coppinger, Weir Oil & Gas President. “Our ability to manufacture products nearby is only part of the equation. We must continue to support customers through the service and products we provide. Acquiring KOP underlines that commitment and strengthens our promise to operators in this vital region.”
KOP has a long history and leading market positions in South East Asia, with a strong emerging business in the Middle East. KOP employs 450 people and is a provider of wellheads, surface trees, valves, actuators and aftermarket services for the oil and gas industry. The business is headquartered in Singapore and has a manufacturing facility in Batam, Indonesia, in addition to a network of sales and service offices in Malaysia, Thailand, Vietnam, Qatar, UAE, Saudi Arabia and India. KOP's current management team will continue to lead the business, reporting into Weir’s Oil & Gas division.
“From a technology, service and talent standpoint, this is an excellent fit and we look forward to our future together as a combined organization,” said Gordon Cameron, Chief Executive of KOP Surface Products. “We see this as a substantial opportunity to offer more to our customers and prospects in the region. No doubt, we are stronger together.”
Cameron will continue to serve as President and report into Paul Coppinger, President of the Oil & Gas Division.
Read the article online at: https://www.oilfieldtechnology.com/special-reports/28072017/weir-oil-gas-completes-acquisition-of-kop-surface-products/